A new heist of 3,520 Bitcoin, worth a staggering $330.7 million, suspiciously transferred from a single wallet, according to a report by prominent blockchain investigator ZachXBT. The theft triggered a dramatic chain of events that rippled through the digital asset landscape, culminating in a 50% surge in the price of Monero (XMR) as the stolen funds were laundered through a web of instant exchanges.
The Bitcoin Heist Trail
ZachXBT flagged a transfer from a potential victim’s wallet to the address “bc1qcrypch….” The significant size of the transaction—3,520 BTC, worth roughly $335.5 million at the time of writing—immediately raised suspicions among crypto watchers, who speculated that the funds had been stolen.
The stolen Bitcoin was rapidly moved through more than six instant exchanges within hours. In a textbook laundering maneuver, the funds were systematically exchanged for Monero (XMR), the privacy-focused cryptocurrency popular for its untraceable transactions.
Monero Price Spike and Privacy Coin Concerns
The scammers converted vast sums of Bitcoin into XMR, thereby increasing demand for the privacy coin. In a matter of hours, the outcome caused Monero’s price to spike by 50%, reaching $308.5 at the time of publication, a level not seen in years. Open interest in Monero futures also reached its highest level since December, indicating fresh capital entering the market.
Monero broke out of a long-term ascending triangle pattern, and the price is following bullish momentum toward a possible target of $345. Extreme market exuberance and the Relative Strength Index (RSI), which shot above 83, indicated a potential for short-term volatility.
The occurrence has rekindled the controversy about the role of privacy currency like Monero in the cryptocurrency ecosystem. The criminals used XMR’s anonymity capabilities to successfully remove their digital traces by transferring the stolen Bitcoin across at least six quick trades. This situation presents severe difficulties for regulators and law enforcement when it comes to tracking down illegal cash.
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